Maxeda Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Maxeda page.

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Please find our updated analysis here.

The European market feels very soft, and we are not sure a new French PM is immediately going to fix this. It’s raining bonds from the 90s down to

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Maxeda management are clutching their purse ahead of the A&E showing a frugal performance in Q2. Revenues (only the big boxes are

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Please find our updated analysis of Maxeda here.

We had expected to see the A&E already agreed by now, but it’s taking longer and for all the right reasons. All stakeholders would likely agree that investment in

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Now is the time. Around 90c/€, the bonds are almost begging for an A&E that looked impossible only six months ago. The weather has

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Maxeda requires a strong tailwind to assist in a likely amend and extend of its upcoming maturities. Hornbach’s Q1 numbers show

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Please find our updated analysis of Maxeda here.

Surviving line from our previous analysis: "Until recently a restructuring looked inevitable, whereas with the savings from energy (and a little bit more luck), a

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We note that the indicated Q125 outperformance is only on weather related products and does not indicate a change in trend. Regardless, bonds

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Maxeda revenues came in line, but the company beat our EBITDA projections on more aggressive in-store staff cuts to post €15m of EBITDA vs. our

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Kingfisher’s reported Q3 French LfL sales down 4.3%, led down by Castorama. Consequently, Maxeda’s bonds dropped into the low 70s, but in our opinion, that

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Results this morning were largely in line with projections, except that sales volumes were apparently lower on higher-priced product. The company needs to

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Please find our updated analysis of Maxeda here.

Results were mixed on the Q1 call. The cost position had improved remarkably, but primarily due to lower energy cost, which we had weighted towards the back end of

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Q1 was largely on target, delivering €1m more EBITDA than expected and zero net cash flow, as per model. The annual tax charge came again

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Please find our updated analysis of Maxeda here.

We had been lukewarm on the name and we are still not deeply in love with it. But last week’s reporting seems to have confirmed enough cost savings initiatives to

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Please find our new analysis of Maxeda here. 

We previously missed the trade on Maxeda when they traded off sharply in the early days of the pandemic, only to rebound sensationally as people flocked to

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Please refer to our analysis here.

Early in March, we had formed the view that demand for DIY was going to be strong. The company, of course, has had a record quarter despite restrictions and

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Please find our initiation on Maxeda here.

The idea behind reviewing Maxeda was: If nobody goes on holidays, what are the Dutch and Belgians going to do at home? Or how bad could things get at Maxeda if

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